Investor files lawsuit against U.S. fund that lost most its value

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NEW YORK, Feb 9 (Reuters) - An investor on Friday filed a lawsuit against managers of a U.S. mutual fund that relied heavily on a strategy that profits from calm markets but lost four-fifths of its value in recent market turmoil.

In a complaint seeking class-action status filed in U.S. District Court in Chicago, investor Leonard Sokolow said he owned shares of LJM Preservation and Growth Fund, a once-$800 million fund that lost most of its value despite touting its ability "to deliver solid returns while maintaining risk parameters" in its most recent annual report to shareholders. (Reporting by Trevor Hunnicutt; Editing by Leslie Adler)